Sky Solar Holdings, Ltd. And Greenleaf-TNX Management Announce the Purchase/Sale of 22 MW of Solar Parks in the U.S.

Sky Solar Holdings, Ltd., a global developer, owner and operator of solar parks and Greenleaf-TNX Management, a developer and owner of solar parks inside the U.S., are pleased to announce the execution on May 6, 2016 of the definitive agreements for the acquisition by Sky Solar’s wholly-owned U.S. subsidiary, Sky Capital America Inc., of 22 operating solar facilities in California and 1 operating solar facility in Massachusetts for a combined 22MW from Greenleaf-TNX and SunPeak Universal Holdings, Inc.
Highlights:
  • The transaction is for a combined purchase price of approximately US$56.9 million, less the amount of existing financing on the facilities of approximately US$21.7 million
  • 22MW of operating assets are acquired and have a remaining combined average power purchase agreement length of over 15 years
  • The transaction will require the Company to issue approximately 29,519,844 restricted ordinary shares (1 American Depositary Share represents 8 ordinary shares) and pay a further US$9 million in cash.
The transaction is expected to close by the third quarter of 2016 after customary closing conditions, consents and regulatory approvals have been met.
Mr. Sanjay Shrestha, President of Sky Capital, commented, “We are pleased with Sky Solar’s acquisition of operating assets in California and Massachusetts with attractive cash-on-cash yield over the life of the projects. This acquisition marks our first step towards building a larger presence in the US market.”
“We are pleased to partner with Sky Solar in this transaction. Greenleaf-TNX’s focus with this portfolio was to develop, de-risk through early period operation, then transfer solar assets to a high quality long-term operator. Therefore, we are very pleased to have reached agreement with Sky Solar related the sale of these solar assets,” said Mr. Charlie Fiechter and Thomas Yap, Managing Members of Greenleaf-TNX.
Project Capacities
Unless specifically indicated or the context otherwise requires, megawatt capacity values in this release refer to the attributable capacity of a solar park. Sky Solar calculates the attributable capacity of a solar park by multiplying the percentage of our equity ownership in the solar park by the total capacity of the solar park.

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Sky Solar Holdings, Ltd., a global developer, owner and operator of solar parks and Greenleaf-TNX Management, a developer and owner of solar parks inside the U.S., are pleased to announce the execution on May 6, 2016 of the definitive agreements for the acquisition by Sky Solar’s wholly-owned U.S. subsidiary, Sky Capital America Inc., of 22 operating solar facilities in California and 1 operating solar facility in Massachusetts for a combined 22MW from Greenleaf-TNX and SunPeak Universal Holdings, Inc.

Highlights:

  • The transaction is for a combined purchase price of approximately US$56.9 million, less the amount of existing financing on the facilities of approximately US$21.7 million
  • 22MW of operating assets are acquired and have a remaining combined average power purchase agreement length of over 15 years
  • The transaction will require the Company to issue approximately 29,519,844 restricted ordinary shares (1 American Depositary Share represents 8 ordinary shares) and pay a further US$9 million in cash.

The transaction is expected to close by the third quarter of 2016 after customary closing conditions, consents and regulatory approvals have been met.

Mr. Sanjay Shrestha, President of Sky Capital, commented, “We are pleased with Sky Solar’s acquisition of operating assets in California and Massachusetts with attractive cash-on-cash yield over the life of the projects. This acquisition marks our first step towards building a larger presence in the US market.”

“We are pleased to partner with Sky Solar in this transaction. Greenleaf-TNX’s focus with this portfolio was to develop, de-risk through early period operation, then transfer solar assets to a high quality long-term operator. Therefore, we are very pleased to have reached agreement with Sky Solar related the sale of these solar assets,” said Mr. Charlie Fiechter and Thomas Yap, Managing Members of Greenleaf-TNX.

Project Capacities

Unless specifically indicated or the context otherwise requires, megawatt capacity values in this release refer to the attributable capacity of a solar park. Sky Solar calculates the attributable capacity of a solar park by multiplying the percentage of our equity ownership in the solar park by the total capacity of the solar park.